READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $350 million in airport revenue bonds or notes, including short-term commercial paper, to fund capital projects for the Airport System. The debt is to be repaid from pledged airport revenues and does not pledge the City's taxing power or general revenues; it also authorizes City officials to set the debt terms, manage the proceeds, and make related financial agreements.

Constituting the Thirteenth Supplemental Ordinance to the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Mayor, the City Controller and the City Solicitor, or a majority of them, to issue and sell one or more series or subseries of tax-exempt or taxable airport revenue bonds or notes of the City of Philadelphia, some or all of which may be used for the implementation of a commercial paper program; setting forth the use of proceeds; determining the sufficiency of pledged Amounts Available for Debt Service; covenanting for the payment of interest and principal; authorizing the Bond Committee to take certain action with regard to the terms and conditions of the airport revenue bonds or notes and related agreements and the elections under the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Director of Finance to take certain actions with regard to the sale of such airport revenue bonds or notes, the investment of the proceeds there...